Crispin Murray, Head of Equities at BT Investment Management articulates some of investment themes he is currently pursuing

Crispin Murray, Head of Equities at BT Investment Management articulates some of investment themes he is currently pursuing. With interest rates likely to remain low in Australia, Murray is now looking to rotate out of defensive yield stocks (like banks) into those stocks with capital management upside and emerging yield. The future growth for dividends for those high yield defensive stocks is really falling away... At the same time we are seeing other parts of the market deliver more growth in their dividends. Murray says specifically yield plays likes REIT's will have less support and that the Banks face regulatory uncertainty and are facing slowing dividend growth. Where he sees opportunity is in stocks such as Telstra and Suncorp where there is potential for capital management upside. And in stocks like Asciano and Origin where prospective yield is looking attractive. The full presentation is available here (requires registration): (VIEW LINK)